Thirty-six percent of young American voters are at least somewhat confident in the US Social Security system, according to a new poll. While almost two-thirds of voters 29-years-old and younger do not have much hope for the taxpayer funded retirement system, the newest numbers show a rise in confidence. Less than a month ago, only 19 percent of voters in the same demographic were at least somewhat confident.
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When rebate checks were distributed to Americans this Summer the IRS only cut checks to citizens whose names and social security numbers matched. The IRS recently announced they would be issuing overdue checks to 250,000 couples that qualified for the stimulus but were overlooked because of mismatched names and social security numbers.
If one person decides to change their name after marriage, the change should be reported to the Social Security Administration so their social security number matches the new legal name.
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Despite crisis on Wall Street and a massive $1 trillion government bailout of private financial institutions, John McCain still has faith in partially privatized Social Security, which he unsuccessfully has voted for three times in his career. McCain believes that fixing Social Security without raising taxes requires supplementing the current system with personal accounts.
This week, McCain aides explained that McCain still supports putting a portion of Social Security in the market.
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It may seem like a faraway reality unless you plan on retiring young, but retirement issues affect us all today because of the Social Security system in the US. The Social Security Administration has admitted that young workers won't be able to count on our less-than-minimum-wage benefits through retirement, and there's some discussion about whether or not it makes sense to raise the retirement age.
Do you know how old you must be in order to receive full Social Security benefits during retirement?
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If you haven't already been convinced that committing to retirement savings isn't really up for argument, consider these statements from the Social Security Administration. The average monthly benefit in June 2008 was $1,084.47, but in 2041 Social Security will only be able to pay 78 percent of scheduled benefits. The Motley Fool has calculated the inflation-adjusted equivalent to be $845.89 per month.
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Think you don't have to worry about Social Security until you have one of those license plate thingies that says, "My Other Car Is a Golf Cart?" Not so according to Students For Saving Social Security. They're on a mission to make young people care about retirement, or at least their paychecks.
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